I need to calculate Net Debt / EBITDA for both years to determine the leverage trend.

## Step 1: Calculate EBITDA

EBITDA ≈ Profit from Operating Activities + Depreciation & Amortization

**2022 (period 2022-01-01 to 2023-01-01):**
- Profit from Operating Activities: 6,489M EUR
- D&A: 3,613M EUR
- EBITDA = 6,489 + 3,613 = 10,102M EUR

**2021 (period 2021-01-01 to 2022-01-01):**
- Profit from Operating Activities: 4,438M EUR
- D&A: 3,219M EUR
- EBITDA = 4,438 + 3,219 = 7,657M EUR

## Step 2: Calculate Net Debt

Net Debt = Total Borrowings (bonds + other borrowings + short-term borrowings + lease liabilities) - Cash & Cash Equivalents - Current Cash Management Financial Assets

**At end of 2022 (2023-01-01):**
- Noncurrent Bonds: 20,425M
- Noncurrent Other Borrowings: 3,205M
- Short-term Borrowings: 6,368M
- Noncurrent Lease Liabilities: 1,580M
- Current Lease Liabilities: 522M
- Total Debt = 20,425 + 3,205 + 6,368 + 1,580 + 522 = 32,100M
- Cash: 12,578M
- Current Cash Management Financial Assets: 755M
- Net Debt = 32,100 - 12,578 - 755 = 18,767M EUR

**At end of 2021 (2022-01-01):**
- Noncurrent Bonds: 22,212M
- Noncurrent Other Borrowings: 2,757M
- Short-term Borrowings: 5,769M
- Noncurrent Lease Liabilities: 1,574M
- Current Lease Liabilities: 524M
- Total Debt = 22,212 + 2,757 + 5,769 + 1,574 + 524 = 32,836M
- Cash: 11,065M
- Current Cash Management Financial Assets: 200M
- Net Debt = 32,836 - 11,065 - 200 = 21,571M EUR

## Step 3: Calculate Net Debt / EBITDA

**2022 (using end-2022 net debt / 2022 EBITDA):**
18,767 / 10,102 = 1.86x

**2021 (using end-2021 net debt / 2021 EBITDA):**
21,571 / 7,657 = 2.82x

## Step 4: Determine Trend

Change = 1.86x - 2.82x = -0.96x

The ratio decreased by ~0.96x, which is greater than 0.3x improvement. This indicates an **Improving** leverage trend.

<answer>Improving</answer>